The Arizona champion., 1887-11-19
ARIZONA MINERAL BELT RAILROAD,
Report of Creditors Committee, Compos- cd of the Leading Citizens of Flag stafr-They Hold the Atlantic &
 Pacific Railroad Alone Responsible.
70 Me Credit0rs ef Me Arizona dfiH,
 craL BeH 4. R. G.:

70 Mc CTEHIE0fS O/ fTs 41F120Nd [HIH-
 craI BeH 4. R. Co.,.
 Your committee, appointed to con- fer with the officers of the Arizona Mineral Belt R. R. Co.,, beg leave to submit the following:
 We find that the officers of the Mineral Belt Co. endorse and ap prove of the general course now be. ing pursued by the creditors and that they manifest a disposition to do all they can to enable us to per feet our liens and collect our claims with the least possible trouble and expense.
 This, to your committee seems sat isfictory, and our laborS might pro perly end here, without troublin z ourselves with secondary matters, but as a very natural interest Is manifest ed on the part of creditors and eth CTS, friends of the enterprise, to know something of the inside history of the enterprise and of the causes contrlbu- ting to the present endorsements, and as the officers of the company court the fullest investigation, your committee concluded to extend their investigations and report briefly the result of their labors.
 We find that on the oth day of Nov. 1883, a general contract Was made with the Mineral Belt Con- struction and Improvement Company for the building and equipping of the road, in consideration of its bonds and stock at the rate of Sso, 900 per mile.
 This company spent some $50, 1000 in preliminary work, and then sub. let the contract, on the 23d day oi Dec. 1886, 10 the Mineral Belt Con tract Company, in consideration oI the bonds ot the railroad company, and certain agreed amounts of the stock of the Construction and Improvement Company. This lei the stock Of the railroad company in the treasury of the Construction and Improvement Company, portion oI which they were to retain, and the b1Iaace to be given to the A. & P, R4iiroad Company. The object of the Construction and Improvement Com, pany being, to develop properties and interests. and build up d carry. ing trade along the line, and retain a portion of the railroad stock for the ?: olecuon of these interests. During the time intervening between the letting of these contracts, thi ough the joint efforts of the Companies, 2 large amount of subscriptions to the securities of the Arizona Mineral Belt Company were obtained, among oth CTS, that of the A. & P. Company. The Mineral Belt Contract Company made subscription to be paid by the building of the road according to their contract. Not possessing suffi cient financial ability of themselves to carry out this contract, they ar. ranged with MT. Hinckley to"bank" thetn, so to speak, by advancing needed sums, and taking bonds and stock In payment.
 The original subscription of the A. & P. was S2oo, 1000, and after wards increased to S4oo, 900, to be paid in S25,o installments, on completion of each five miles of road until So miles were built.
 Esidence that this subscription had been actually made was furnished tc MT. H n kley, and all others who were asked m any way to invest, and k: payment in proportion, as the work advanced made a condition to the payment of all others. This arrange ,nent, though somewhat complicated seemed strong aud entirely adequate to build at least eighty miles of road and work was, commenced in good faith on the 23d day of December last. Everybody met their obliga tons, all bills were paid promptly, and the work progressed satisfactorily until late in June when the A. & P. failed to pay its proportion of the subscription. This failure, aswill be seen, released all others, but such was the belief in the good ialth, and ulti- mate intent of the A, x P. 10 pay,